China Eximbank provides EUR 267.75 million buyer’s credit loan for Bata Port Rehabilitation and Expansion Project (Linked to Project ID#484)

In 2006, China Eximbank and the Government of Equatorial Guinea signed a $2 billion oil-backed buyer’s credit facility agreement for various infrastructure projects (captured in Project ID#484). All subsidiary loans approved under this facility agreement carry the following terms: a 5.5% interest rate, 5 year maturity, and 2 year grace period. Then, in 2007, China Eximbank and the Government of Equatorial Guinea signed a subsidiary buyer’s credit loan agreement for the Bata Port Rehabilitation and Expansion Project. The proceeds of the loan were used by the borrower to finance an EUR 315 million commercial (EPC) contract with CCCC First Harbor Engineering Co. Ltd, which was signed on April 2, 2007. The estimated face value of loan is EUR 267.75 million (since other subsidiary buyer’s credit loans that were approved through the $2 billion oil-backed buyer’s credit facility were use to finance 85% of commercial contract costs). This project involved the restoration of an existing wharf, the construction of a new wharf and breakwater, and the acquisition and installation of machinery at the Port of Bata. CCCC First Harbor Engineering Co. Ltd -- a wholly owned subsidiary of China Communications Construction Co. Ltd. — was the contractor responsible for implementation. The project commenced on August 6, 2008 and it was completed in December 2014. It was officially inaugurated on July 30, 2019.

Additional details

1. The Chinese project title is 赤道几内亚巴塔港 or 巴塔港改扩建工程 or 的赤几巴塔港一期和二期改扩建工 or 赤道几内亚巴塔港扩改建工程. 2. The Spanish project title is Rehabilitación y Ampliación del Puerto de Bata. 3. This loan is not included in the database of Chinese loan commitments that SAIS-CARI released in July 2020.

Number of official sources

16

Number of total sources

27